Mbank Mortgage Rates, Fees & Info

Manistique, MI

LEI: 549300X3PFQJ32XJSB27

Tax ID: 38-0787825

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Mbank is a smaller bank specializing in Home Purchase and Refi loans. Mbank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Marquette, Traverse City, Alpena, Wausau, and Detroit among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mbank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mbank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    799

    Origination Dollar Volume (All Markets)

    $128,635,000
    Show all (12) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    Outside of Metro Areas 283 $40,285,000 $142,350 $2,193 3.28%
    Marquette, MI (FHA|USDA|VA) 209 $32,425,000 $155,144 $2,290 3.22%
    Traverse City, MI (FHA|USDA|VA) 58 $15,590,000 $268,793 $2,465 3.24%
    Alpena, MI (FHA|USDA|VA) 62 $7,800,000 $125,806 $1,927 2.92%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 45 $5,535,000 $123,000 $2,019 3.30%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 15 $5,315,000 $354,333 $2,578 2.91%
    Escanaba, MI (FHA|USDA|VA) 28 $3,980,000 $142,143 $2,048 3.20%
    Iron Mountain, MI-WI (FHA|USDA|VA) 30 $2,850,000 $95,000 $1,986 3.55%
    Houghton, MI (FHA|USDA|VA) 4 $2,500,000 $625,000 $2,665 3.16%
    Sault Ste. Marie, MI (FHA|USDA|VA) 18 $2,210,000 $122,778 $2,176 3.48%
    Marinette, WI-MI (FHA|USDA|VA) 14 $1,850,000 $132,143 $1,899 3.23%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $790,000 $395,000 $3,740 3.18%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $755,000 $755,000 $6,768 2.88%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 3 $705,000 $235,000 $2,162 2.83%
    ANN ARBOR, MI (FHA|USDA|VA) 3 $655,000 $218,333 $2,120 2.75%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $605,000 $201,667 $2,468 3.67%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $595,000 $595,000 $8,666 2.95%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $500,000 $250,000 $3,739 2.88%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $500,000 $250,000 $4,463 2.38%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $445,000 $445,000 $6,168 2.88%
    GREEN BAY, WI (FHA|USDA|VA) 2 $430,000 $215,000 $1,664 2.88%
    Cadillac, MI (FHA|USDA|VA) 4 $410,000 $102,500 $2,284 5.00%
    Key West, FL (FHA|USDA|VA) 1 $405,000 $405,000 $3,497 3.13%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $285,000 $285,000 $1,648 2.75%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $275,000 $275,000 $2,322 3.00%
    FLINT, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,708 3.00%
    MIDLAND, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,684 3.50%
    TUCSON, AZ (FHA|USDA|VA) 1 $175,000 $175,000 $1,566 3.13%
    Shawano, WI (FHA|USDA|VA) 1 $135,000 $135,000 $1,798 2.63%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $135,000 $135,000 $1,896 2.75%
    NILES, MI (FHA|USDA|VA) 1 $125,000 $125,000 $1,870 2.88%
    Mbank's top markets include Marquette, Traverse City, Alpena, Wausau, and Detroit among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against mBank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    CAPITAL Credit Union
    Similarity Rank: 45
    Prevail Bank
    Similarity Rank: 66
    Brokaw Credit Union
    Similarity Rank: 88
    The Stephenson National Bank and Trust
    Similarity Rank: 96
    Range Bank
    Similarity Rank: 195
    Polish-American Federal Credit Union
    Similarity Rank: 212
    PCM
    Similarity Rank: 225
    Forward Bank
    Similarity Rank: 256
    St James Mortgage Corporation
    Similarity Rank: 304
    AbbyBank
    Similarity Rank: 420

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 770 $124,430,000 $161,597 $2,194 3.24%
    USDA 28 $3,660,000 $130,714 $3,248 2.94%
    HELOC 1 $545,000 $545,000 n/a 2.88%

    For 2021, Mbank's most frequently originated type of loan was Conventional, with 770 originations. Their 2nd most popular type was USDA, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 348 $57,310,000 $164,684 $2,415 3.46%
    Refi 279 $44,365,000 $159,014 $2,103 3.08%
    Cash Out Refi 144 $23,730,000 $164,792 $2,087 2.89%
    Other 17 $2,295,000 $135,000 $2,069 3.42%
    Home Improvement 11 $935,000 $85,000 $2,245 4.09%

    For 2021, Mbank's most frequently cited loan purpose was Home Purchase, with 348 originations. The 2nd most popular reason was Refi, with 279 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 486 $86,870,000 $178,745 $2,355 3.37%
    15 Year 195 $25,275,000 $129,615 $2,037 2.81%
    20 Year 60 $8,990,000 $149,833 $2,009 3.01%
    5 Year 31 $3,255,000 $105,000 $0 4.33%
    10 Year 21 $3,795,000 $180,714 $1,956 2.88%
    Other 5 $415,000 $83,000 $1,758 3.20%
    1 Year 1 $35,000 $35,000 $0 4.25%

    For 2021, Mbank's most frequently cited loan duration was 30 Year, with 486 originations. The 2nd most popular length was 15 Year, with 195 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 668 $101,190,000 $151,482
    $1k-2k 86 $16,490,000 $191,744
    $2k-3k 5 $1,685,000 $337,000
    $3k-4k 5 $3,465,000 $693,000
    $4k-5k 1 $445,000 $445,000

    Mbank's average total fees were $2,355, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 668 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 292 $53,600,000 $183,562
    3-4% 244 $42,540,000 $174,344
    <2.5% 155 $21,825,000 $140,806
    4-5% 77 $8,265,000 $107,338
    6-7% 18 $1,050,000 $58,333
    5-6% 11 $1,185,000 $107,727
    7-8% 2 $170,000 $85,000

    During 2021, Mbank's average interest rate for loans was 3.37%, while their most frequently originated rate bucket for loans was 2.5-3%, with 292 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 339 $48,405,000 $142,788 $2,219 3.13%
    $100,000 or less 262 $17,360,000 $66,260 $1,915 3.52%
    $200k-400k 165 $43,155,000 $261,545 $2,463 3.01%
    $400k-600k 27 $13,055,000 $483,519 $3,409 3.03%
    $1MM+ 3 $4,335,000 $1,445,000 $5,844 3.32%
    $600k-1MM 3 $2,325,000 $775,000 $4,321 3.46%

    2021 saw Mbank place emphasis on $100k-200k loans with 339 originations, totaling $48,405,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 203 $27,285,000 $134,409 $2,179 3.27%
    $50k or less 177 $16,795,000 $94,887 $2,028 3.27%
    $100k-150k 144 $25,960,000 $180,278 $2,242 3.06%
    $75k-100k 115 $19,335,000 $168,130 $2,258 3.16%
    $150k-250k 76 $16,600,000 $218,421 $2,364 3.20%
    $250k+ 51 $17,625,000 $345,588 $2,913 3.10%

    Mbank lent most frequently to those with incomes in the $50k-75k range, with 203 originations. The second most popular income band? $50k or less, with 177 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 217 $33,085,000 $152,465 $2,262 3.07%
    30-36% 154 $24,980,000 $162,208 $2,298 3.21%
    <20% 112 $19,350,000 $172,768 $2,130 2.95%
    38% 32 $5,770,000 $180,313 $2,206 3.13%
    36% 27 $3,485,000 $129,074 $2,162 3.40%
    41% 25 $3,775,000 $151,000 $2,126 3.51%
    37% 24 $3,800,000 $158,333 $2,285 3.40%
    43% 24 $4,660,000 $194,167 $2,230 3.20%
    44% 23 $3,465,000 $150,652 $2,057 3.70%
    40% 21 $2,605,000 $124,048 $2,097 3.46%
    42% 20 $3,720,000 $186,000 $2,138 3.19%
    39% 18 $3,290,000 $182,778 $2,446 3.74%
    45% 16 $2,710,000 $169,375 $2,259 3.00%
    46% 14 $1,670,000 $119,286 $2,135 3.13%
    50-60% 13 $2,515,000 $193,462 $2,487 3.73%
    48% 11 $1,975,000 $179,545 $2,154 3.31%
    47% 7 $1,715,000 $245,000 $2,549 2.89%
    49% 6 $860,000 $143,333 $2,035 3.27%
    >60% 2 $390,000 $195,000 $2,964 3.63%

    Mbank lent most frequently to those with DTI ratios of 20-30%, with 217 originations. The next most common DTI ratio? 30-36%, with 154 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 724 $116,800,000 $161,326 $2,225 3.19%
    Not provided 38 $5,860,000 $154,211 $2,408 3.53%
    Not applicable 23 $4,085,000 $177,609 $0 4.28%
    American Indian 10 $1,220,000 $122,000 $2,018 2.81%
    Asian 2 $340,000 $170,000 $1,888 3.25%
    Black 2 $330,000 $165,000 $3,107 3.06%

    Approval Rates

    Total approvals of all applications
    88.05%

    Mbank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.47%

    Mbank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 799 $128,635,000 $160,995

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    799 $128,635,000 $160,995

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 56 $5,920,000 $105,714 $1,899 3.00%
    40-60% 137 $21,885,000 $159,745 $2,133 2.92%
    60-80% 330 $57,220,000 $173,394 $2,233 3.22%
    80-100% 260 $42,060,000 $161,769 $2,366 3.45%
    Over 100% 4 $590,000 $147,500 $3,098 3.52%
    Under 20% 12 $960,000 $80,000 $1,647 3.49%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mbank 100 South Main Street Ishpeming, MI 49849 Full Service B&M $64,339
    Mbank 100 South Second Avenue Alpena, MI 49707 Full Service B&M $80,722
    Mbank 101 South Main Cheboygan, MI 49721 Full Service B&M $28,407
    Mbank 130 S Cedar St Manistique, MI 49854 Full Service B&M $0
    Mbank 130 S Cedar St Manistique, MI 49854 Full Service B&M $187,299
    Mbank 138 Ridge Street Sault Ste. Marie, MI 49783 Full Service B&M $30,717
    Mbank 440 U.S. 41 East Negaunee, MI 49866 Full Service B&M $3,618
    Mbank 1400 East Main Street Merrill, WI 54452 Full Service B&M $58,958
    Mbank 14429 Wuoksi Avenue Kaleva, MI 49645 Full Service B&M $21,647
    Mbank 175 S. Mcclellan Street Marquette, MI 49855 Full Service B&M $17,797
    Mbank 1811 Superior St Three Lakes, WI 54562 Full Service B&M $28,342
    Mbank 1955 South Otsego Avenue Gaylord, MI 49735 Full Service B&M $99,879
    Mbank 2224 North Lincoln Road Escanaba, MI 49829 Full Service B&M $29,074
    Mbank 240 Highway 70 East St. Germain, WI 54558 Full Service B&M $28,683
    Mbank 260 East Brown Street, Suite 300 Birmingham, MI 48009 Full Service B&M $58,252
    Mbank 2885 S. County Road 489 Lewiston, MI 49756 Full Service B&M $33,794
    Mbank 308 N Morenci Street Mio, MI 48647 Full Service B&M $12,570
    Mbank 309 Cass Street Traverse City, MI 49684 Full Service B&M $4,028
    Mbank 3530 North Country Drive Traverse City, MI 49684 Full Service B&M $44,543
    Mbank 400 East Wall Street Eagle River, WI 54521 Full Service B&M $68,343
    Mbank 414 Newberry Avenue Newberry, MI 49868 Full Service B&M $71,099
    Mbank 468 Ripley Boulevard Alpena, MI 49707 Full Service B&M $117,119
    Mbank 6230 River Street Alanson, MI 49706 Full Service B&M $17,074
    Mbank 735 E. Lakeshore Drive Manistique, MI 49854 Full Service Retail $1
    Mbank 845 Central Avenue Florence, WI 54121 Full Service B&M $13,478
    Mbank 857 West Washington Street Marquette, MI 49855 Full Service B&M $91,027
    Mbank 900 Roosevelt Road Niagara, WI 54151 Full Service B&M $24,607
    Mbank Daisy Street And U. S. 41 Ishpeming Township, MI 49849 Full Service B&M $21,752
    Mbank S 216 Menominee St Stephenson, MI 49887 Full Service B&M $33,006
    Mbank W563 County Road N Niagara, WI 54151 Full Service B&M $22,765

    For 2021, Mbank had 30 branches.

    Yearly Performance Overview